Southlands Methodist Trust Report and Financial Statements For the Year Ended 31 August 2022 SMT- The Southlands Methodist Trust is a Charity of the Methodist Church in Britain Southlands College 80 Roehamptgn Lane London SW15 SSL SWF@roehampton.ac.uk WWW.5usannawesleyfoundation.org 020 8392 4462 Re8lStered charity number 1100660
SOUTHLAIYDS METHODIST TRUST REFERENCE AND ADMINIsTRATE DETAIiS FOR THE YEAR ENDED JI AUGUST 2022 Trn$te¢$: Rev Dr Tim M#¢quiban, Chair R¢v Stan Brow R¢v Dr J Cox-Darling Dr CIivE Norris Rev Colin Srnith Mr Alan Davies Rev Jennifer Smith Rev GeoffTey Farrar Cbief Executive: Dr Christopher Stephens Registered offlce: Southlands College 80 Roehampton Lane London SW15 SSL Auditors: Haysmacintyre LLP Chartered Accountants l O Queen Street Place London EC4R IAG Bankers: Methodist Centrdl Finanr% Board 9 Bonhill Street London EC2A 4PE HSBC West End Corporate Banking Centre 70 Pall Mall London SWIY5EZ Solicitors: Pothecary Wiiham Weld 70 St George's SquaTe London SWIV3RD Investment managers: Epworth Investment ManageTnent Ltd 9 Bonhill Street London EC2A 4PE Southlands Mèthodist Trust. Trustees. Report and Financial Statements for the Year Ended 31 Au8USt 2022
SOUTHLANDS METHODIST TRUST TRUSTEES. REPORT FOR THE YEAR ENDED31 AUGUST21122 STRUCTURE GOVERNANCE AND MANAGEMENT The TTUStees present th¢ir report and audited financial sthtements for the year ended 31 August 2022. The TThte¢S have adopted the provisions of the Statement of Recomrnended Practice for Charities {SORP 2015} (Second Edition, eff¢rtive l January 2019), in preparing the annual re)rt and financial stst¢ments of the charity. The Southland$ Methodim Trust (SMT) is a register¢d unincorpordted charity {Charity number 11006601. The Goveming Document is a Deed of TrusL Trustees are appointed by A deei5ion of Methodist Couneil, at the recommendation of members of the Trustees. When vacancies arise, a sub-group of the IStee board ig fornied in ord¢r to conduct a search proe¢ss. This inclLLdes both direct approaches and appfti&hes through the Chur¢h's Com)exional 1 eam. asking for expressions of inter¢5t. From time io time. adv¢rtis¢m¢nts of vacancies are also used in the press. CVS of those expressing interest in appoinlm¢nts are considered by the sub-group and brought to a full m¢eting of the trustee board. where a decision is made to recommend name5 lo Council. Trustees ar¢ given training as and when considered useful. RISK ASSESSMENT The Trusl¢¢s have active involvement in the day to day running of the charity. This involvement ensu$ that they are fully aware of the riskg and Tequir¢d a¢lion to suificienily mitigate those risks. The tWStees have identified the following risks.. Investments (including th¢ investment property) will drop in value Grdnts made will not be used in accordance with the charity's wishes. The sale of th¢ main asset of the Trust will end the fixed income pattern for the chariry and lead to som¢ uncertainty for planning tre work. Action taken to mitigate the risks.. The invesllnents are mjaged by th¢ Methodist Council and the thJstr¢s have confidence in their ability to manage th¢m competenily. Grants are considered and approved for payment 4t trustees meetings. Trustees maintain a comprehensive risk assessment across all relevant are&5, which is updated by staff regutarly and reviewed at a full meetin8 ofthe truslii board at least atmua]ly. OWEcfivES AND ACTIVITIES 7he aims and Purposes of th¢ charity are: l) as part of the work carried i)ut through the Dis¢iple5hip and Ministries Leaming Network.to support in association wilh the College and University the development of Christian, and specifically MethodisL s¢holarship, research and innovation, of local. national Ènd global significance and to facilitate the public dissemination of su¢h developments. 2) to enable members of the Methodistcommunity and widerpublic in Britain and int¢mationally to benefit from the academic and other expertise and experience wiihin the College and the Universiry and th¢ facilities available within them. 3} to enrich the community Itfe of the Collpge and the work of its chaplaincy in woys that reflect its Methodist values and ¢thos. 4) to maintain and develop the relationship between the Methodist Church, the College and the University in the context of developing the contributiOTJ made to rhe work Caled out through the Discipleship and Ministries Learning Network. Southlands MethodistTrust. Truitees, Report and Financial Statemen15 for the Year Ended 31 August 2022
SOUTHLANDS METHODIST TRUST TRUSTEES, REPORT (continued) FOR THE VEAR ENDED31 AUGUST 2022 OPJECTIVES AND AcfiviTIES (continued) 5) to furth¢rthe wider charitabl¢ purposes of the Methodist Church through close WOTking with the other persons and bodies responsible for th¢ work ¢arried out through the Discipleship and Ministries Learning Network. Fundrai5ln% SMT does not fundrnis¢ with the public and has not received any complaints in this regard during the year. Public benefit The Twstees confirm that they have complied with the duty in section 17 of the Charities Act 21 I to have due regard to public benefit guidance published by the Charity Commission in detemiining the wtiviti¢3 undertaken by the Charity. Th¢ Trustees review the actÉvities of the Charity against its aims an ongoing basis and are satisfiEd that all activities continue to be relat to thc aims which are set in such a way as to benefit $iety a5 a whole. The benefits are set out in the Teview of activities shown below. Research & KThowled8e Exchange The Southlthds Methodlst Trust participates fully in the research and knowledge exchange {RKE) agenda of Southlands College. funding 2nd hclping to shape RKE activitle5 across the University of Roehampton's departments, aTJd esp¢rially focusing on work that focuses on issues of importance to churth and society. In 2021-22 grants supported proj¢cts on topics including.. Bridging th¢ ¢thnic minority gap between educational development and doctoral supervision= Social jtiCe and inclusivity. Reading4Normal Book Club.- an online reading-group scheme that aims to bring together young readers to discuss young aduli novels, including the creation of a webstte and s(Kial media programme. Trdining k¢y members of staff at Shakespeare's Globe in new reSeah into divtrsily in the Shakespearea period. 4. Produrtivity and food safety improvements for women in COTnmunity mechanised palm oil processing- The Case of Ejisu Juaben Municipa]ity, Ashanti Region, Ghana 5. Growth Ouilook for Family Businesses under Uncertainty.. An Exploratory Study of the LA)cal Business Community in South Wegt London The Potsto Teeth Pwject.. A comparison of ¢lassrooTll 2nd gaTden-bLsed ¢ducatiOtl interventions for oral hygiene in privnary school pupils Projects approved for during 2021-22 for fftndimg in 2022-23 includd-. Exploring battiers io African parental involvement in the UK ucatiOn system Transition to the labour markEt for young people with special educational needs and di5abilty- 4spirdtlOEiS, experiences and future directTons 3. My Extinction.. a docwnentary feature film to find new way5 to confront the clirnate emergency The SusanR4 Wesl¢y FoundatRon The Susanna Wesley foundation {SWFI is a community of scholars and practitioners based at Southlands College, supported directly by both the Southlands Methodsqt. The Foundation's pu]P05e is lo frdcilitate research and enquiry that influence practice and generate learning of bencfit to th¢ wider community. Southlands Methodist Trust. Tru5tees' Report and Financial Statements for the Year Ended 31 August 2022
SOUTHLANDS METHODIST TRUST TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED31 AUGUST 21122 tudent Su The Susanna Wesl¢y Foundation supports doctornl students pursuing research into tOPlC5 of importance lo ¢hurch and society. In 2021-22, th1$ included Work into- Disability theology and embodied ways to know God Using theological action resear¢h to exploren¢w contextual churches as potential catalysts forchange in theology and practie¢ The Work of lay employees within British Methodism and its re1lOnShIp to vocation calltng Story-telling and culture change in local Methodist Churches Non-binory gender, the Bible and Christian practice mic muni ies.. The SWF contribuied funding to a series of 2021122 seminars given by th¢ University of Roehampton's Research Group in Theology, Religion and Practice and added to the bur&qries offered to students from under-represented groups to enable them to participat¢ in ihe annual conf¢ren¢es of various academic theology communÈties, such as the British and Irish Association for Practical Theology {BIAPT) and the Society for the Study of Theology (SST). The year also saw a new partnership with Theos, an organisation which stimulates debate about the pla¢e of Teligion in society. Th¢ SWF is collaborating with Th¢os on a research project around death: 'Death. dying and the afterlife, in the UK,, with a report and practical booklets to be published next year. urces di ue deve Through both funding and also the provision of stsff and resources, the SWF achieved a portfolio of work, including= Well-being.. the public*ion and launch of a fftEsour¢e 'FI()urishing Ministers., Flourishing Communities. arising out of a SWF project looking at the application of a particular th¢(ry of human behaviour in the context of local Chuh¢s. Leaming.. sev¢ral SWF projects focused on learningi POrti¢ularly that around collaborntive learning in Methodist ntexts. Leaming from this projecl led to conversation5 across the Methodist Cannexion over th¢ past year, with input into a gathering Df the Methodist Lrdming Network aud into a consultaiion about resourGing learning across th¢ Method] Church. Change.. During the year a member of the Foundation publish¢d a paper in the Joumel of Practical Theology exploring systemie approaches to change and the SWF led a symposiurn, which brought together academi¢s, practitioners, and officers from the Church to di5CU55 some of the findings from two research project8 whi¢h had looked at change 2nd 5trntegy in th¢ Methodist Chur¢h. Justice, Dignity And Solidarity: funding an Associate to accompany one ofthe str8nts of work in this strAtegy of the Methodist Church. Swb also contributed to an artiLl¢ published in the Journal of Awareness B&scd System Change tracking the chuTch's journey iowarils a more inclu5iv¢ way of being. M&while, the Foundation's resource 'Divcrsity, Otherness and Privilege, continues io b¢ r¢quested for use as a guide to conversation in a range of contexts. Chaplainey in higher education.. a project Ii)oking at the impact of higher education chaplaincy within higher edu¢ation. 'Charity or Justice.: an event during Hom¢lessness Awareness week looked a¢ the faith c4ymmunity'5 response to the issue, with inputs from ¢xp¢rt5, advocates and adivists. The Foundation sponsored the research aftd writing of a new book, LAndscape Liturgies. which offers a compilation of outdoor blessings. rituals and liturgles from Christian tradition, Promoting the practice of incorporating important landscapeq and landmarks inlo th¢ life of the worshipping community. tion The I Soth atmiversary of the estsblishment of Southlands College was in the Susanna Wesley Foundation by a conference, 'Sustainability.' Shartng Values. Creating Communities.. in which we explored ways of thinking about the environmenL economy and society and how we can organise ourselves in orderto care for our common home and enable flourishing for all. Southlands Methodlst Trust. Tru5tees' ReFJOrt and Financial Statements for the Year Ended 31 August 2022
soirtHLANDS METHODIST TRUST TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2022 The eonference offered an interdisciplinary blend of spegker5 and opportunities throughout a day filled with provocative 1hL)ught. prnrti¢al advice and space to sil with thc most pressing issues and see things anew. Questions around the role of a university in an ecologieal ¢mcrg¢ncy. th¢ place of spiriNal values in pr(penvironmental behaviour, and the ethic of con51miption appropriate at a tim¢ of ¢limaie ¢risis fornied the backdrop to the inputs and conversation. The conference provided a forum for listening to a variety of appro8¢hes. Our participants and CODtributors offered each other both realÉsffl and ways forward. It honour¢d differences of experience. philosophy and priorities, and held these in balallc¢ with the common gTound of positiv¢ intention and shared humanity that sery¢ 8 sustaining and sustainable hope- an overdrching purpose and underpinning principles for all the Foundation's wo]*. Plans fo The Foundation will continue lis sponsorship of doctoral students and will draw on ihe university community for convcrsation partners and fellow r¢s¢archers. Inclusion and participation will be a continuing theme and the Foundation will offer into th¢ M¢thodist Church's strategy for Justice, Dignity and Solidarity. Our research on death and dying in partnership with the religious think-tank Theos will yield some significant findings which will be of intercst and benefit to wider Sl¢ty, and we will embark on a new partnership with the Saltley TrusL a Christian educational charity. Lessons emergin8 from the various projects around leaming will be disseminated further. andthe insights offered by th05¢ 2nvolved in the 2022 confcrence on sustsinability will be ¢aptur¢d to fom the basis for further work and researrh. Sharing the insights frorn our projects and initiatives to enable us to contribute to the flourishing of communities will provide an impctU4 for ourwork. Enricbing College Cofftmunity Life An important aspect of the SMT'S work is to et)rich the community life of Southlands College. specifically in way5 that reflect its Methodist value5 and ethos, and through this to maintain and develop the relationshTP between the Methodist Church, the college and the University of Roehampton. Individuals in our community are encouraged to explorc their own identity and develop a sense of belongin& whil¢ also enga8ing in aclivities that build on their acadcmie learning and speak of th¢ college's values, values that are inhETlttd fnim those of the Church and nurtured by the SMT. In 2021-22 the college pla¢¢d pwticular empha515 on developing student leaders to help deliver its diverse programme of activiiies for 5wdents and stsff throughout th¢ year. The SMT provides support for this work, both through direct funding and the provision of resources and staff tim¢ and expertise. enablIg the flourishing of these goa]s in practice within tlJ¢ life of the college and ihe wideruniversity. Some &xamples of activity of thi5 kind in the reporting year included.. Helping to organise (wo full days of Employability Week events- these events aimed to help stud¢nts build their networking skills and gain real-life ¢xperience from companies, r¢t graduates and different organisations. The College Community LeadeT5 helped students feel more Gonfident intEfdCting with the organisatsons and attendc¢g present. Running a $treaming event io enabl¢ sthdents to watch the Law Soci¢ty'5 mix)ting competition, which w&8 followed by a social event to ¢¢lebrate the achievements of these students. Southlands venTh.. a programme funded by the Southlands Methodi51 Trt that builds on th¢ college's commitsnent to enable students to live a5 respons1 le citizens, encourdging our community members to explore how they can best use their interests and skills to make the world a better plar¢. Projects included an Environmental, Social Gvvemance {ESGI Awareness Campaign, and the KISE. 365 Games Night (an event that has help¢d to build COTnmunity following the Pandemic ond lockdow) Th¢ immediate future of Southlands Venture is looking very promising. Proj¢¢ts are already planned for the 2022-23 academic year Include an environmental project which seeks to reu5¢ and decorate recyclable items- a musical project based on the theme of rnigratiim, collaborating with the London Southlands Methodist Trust. Trustees, Report and Financial Statements for the Year Ended 31 August 2022
SOUTHLANDS METHODIST TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED31 AUGUST2022 Wetland Centre; and a project whtch seek5 to raise awareness about food and products which are less commonly donated to food banks. Co]nmllnity Musl¢ Music is central io the Meth(%Jist mission and at Southlandg itplays an important role building up asense of belonging. The SMT¢ontinues toprovide support formusic at SOuthlanthroUgh the provision of grdnts for aciivities. resources, and student musiL &¢holarships. After the disappointments of the Covid er4 this year celebrated a number of successful projects. Sing¢rs at Roeharnpton join¢d with choirs fr(Kn the Cathedrals Group to perforni in Cantert)ury Cathedral. In November, we aged the first of our programmes of music theatre and Construct a tribute perfonnance to Stephen Sondheim. Our musicians also perfomied at the Celebration Gala Dinner for the college's 150, anniversary. and then at the service of thamksgiying at our aluThni reunion. Southlands, with th¢ sUPPOrt of ihe SMT. was d¢lighied to give the Charles Wesley Award for Contributions to community musir lo George Murrell. one of our music scholars, for his ttdivities within the college, hi5 involvement in the new link with the London Wetlands C¢ntr¢ in Barnes, and for hi5 work as a music therapist in local ¢are hi)mes. re Plans.. The SMT intends to continue its support for Community music in 2022-23 through the provision of scho]arships and grants io enable participalion and the development of a progrnmme of inclusive, developmenlal work. Awards Priz aDd HardshiplA£eess Grants In 2021-22, the SMT rontinued to sponsor a range of pri2es and awards for staff and students, encourdging a culnwe of excellence in aLdd¢illic achievement acro&s the coll¢g¢. Ofpartioularvalue tothe Trust is ihe awarding of pri2es that celebrate the historyartd ethos of th¢ rollege by honouring boih individuals and their wolk that promote the Methodist identity of Southlands College. Bxpm]ples of these awards include.. • Th¢ Susanna Wesley Awanl - given to a female staff member who promotes a va]ues-focused approach. for oulstanding role in educational leadership in the college +The Charles Wesley Award given to a student or staff member who has conrrtbuted exceptionally to the development of community music at Southlands +The John Wesley Award given to a student who has Contrtbuted parti¢uiarly nothbly to the student chapel community Fulle Plans.. The Trustees intend to coniinue swnsoring ¢hese activities in future years when suitable didateS emerge. As part of the college's 150th anniversary cel¢brations. the SMT committed in excess of £30.000 to support a number of new scholarship5 and bur5ari¢s, which wÈll be awarded in the coming five years. These are focused on enabling the least privileged in society to access higher education wh¢n otherwise their financial circumstances might prevent IL to enabling educational travcl for students who cannot oth¢nvise afford it, and to SUPPOrting the next generdtion of thers. Southlands Methodist Trust. Trustees, Report and Financial Statèments for the Year Ended 31 August 2022
SOUTHLANDS METHODIST TRUST TRUSTEESI REPORT (eontinued) FOR THE YEAR ENDED 31 AUGUST 2022 Supporting ehaplainey Fulfilling the aim of the SMT to enrich the community life of Southlands College and its chapl&incy, the Trustees have continued to spon8oractivitics both within the college's Methodist Chapel and through its Methodist chaplaincy, nd also to encourage and sUPPOrt the wider pmvision of multi-faith chaplaincy work for the whole of ihe university colnmunity. A major contribution of th¢ Trust 1% to sponsor the employment of a Chaplaincy Community Worker ICCW). which continued with a full-time role 2021-22. The CCW role fo¢us¢s on thre¢ areas of work-. • Strengthening our ecumenical relationships through 5UPPOrttng the nmning of an intentional Christian studerjt ommunity hous¢ (Bardt House) on campus. overseen by the Digby Stuart College and Southlands College chaplaini and perforniing a ¢ontinuing leadership role within this Community • Supp)rting the work of Southlands Chapel and the Souihlands College team in the nurturing of wmn]unity across the Southlands cohijrt • Being an active rnember of the wider chaplaincy team The CCW rol¢ provid¢s the opportunity for sorn¢one lo wotk for two or three years in a faith context to explore their own vocation, to d¢v¢lop their working skills, and to help boost the work of the chaplain¢y. Future Pl The Sh(r will Gontinue in 2022-23 to support the work of the chaplaincy and the employment of the CCW post. Manaiing our College Ar¢hives The Southlands Methodist TTUSt employed a ncw Archives Historian during the course of the year, with revised aims for the role of the archive, which remains undcr the cllstodianship of the SMT. A new accessions policy has been introduced in ihe college archive to ensure it remain up to date, relevant and accessible for the fi]tUTe. There will be more emphasis on the digital archive and collection of Oral Histories. The existing arGhiYe is being reviewed and severdl items hav¢ been sent to educational ar¢hiv¢s {including Methodist-r¢lat¢d ones) where there is proyenance. There is a ¢108er cooperation with th¢ University of Roehampton's arehivist5 With an aim to Crate exhibitions highlighting the work and achievements of the four colleges. A new working relationship with the Westminst¢r College Archives has also beell developed. The Colleges, shared histories and Methodist identitie5 leads to both archives ben¢fitting from this collaboration. Future Plans.. The SMT will continue to sponsor a staff member in the archive. With the easing of Covid restrirlions, the ChiveS are now open to r¢searcheTS. One result of that this is the authoring of a new history book about the college by, Clive Norris. one of our tntee$. which we anticipate going to print in 2023. 2023 will also see the development of proposals for longer-terni resourcing and 5taffEng schedules for the archiye to ensure its continued ¥( managemcnt and its expanding availability for use in iKJth the mission ofihe wlleg¢l¢hur¢h and for the wider historical WO of the general pbliC. Southlands Methodist Trust. Trustees, Repon and Financial Statements for the Year Ended 31 August 2022
SOUTHLANDS METHODIST TRUST TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED31 AUGUST 2022 EnhAnting Methodist Education SMT support Southlands College to be a member of both the Methodist-related Theological Schools in Europe (MTSEI and International Association of Methodist-r¢lated Schools, Colleges and Universities {IAMSCLI networks. These involvements provide the college and univvsity with access into a family of institutions from which mutu support and collabo1Ve ventures emerge. the UK Southlands College works closely with a r4nge of educational PW¢ners and especially the Methodist Schoo15 groups, which include Methodist Academi¢s and Schools Tnjst (MAST), Methodist Independent S¢hool% Trust (M15T), and the Methodist Schools CommittE¢ IMSC). The 2021-22 academic year saw engagements across these education neorkS begin to emerge from ¢ovid-related r¢strictiotts. Gathered, in-per50n meetings beeame possible again. and a bl¢nded approach emerged in Order to enable both ihe most effective and also the most inclusive foms of working. Southlands continued to work with Methodist schools across Britain. supporting in particular the irnplementsiion of the Methodist Church's educatiort strategy. Tr(7nFforming Liv. During 2021-22. the Southlands Methodist Trst coniillued to offer a major ¥rant ¢0 MAST to support its s¢affing and work. and in particular ihe Structures surrounding its leadership. As well 45 ¢nhancing the work of MAST, this ensures th¢ contirtued close collabordtion between Southlands and the work of Methodist education more broadly. nurturtng a sense of common purpose and encouraging impottant Pwtical ¢ollaborations. Southlands Colleg¢ has continu¢d to take a leading role drawing togeth¢r all those adult educational institutions and heritage bodies that relate lo Methodism in Britain and Ireland. Afterth¢ work done through the shrr and its staff in 2020.21 to bring iogether senior l¢adeTS and representativ¢$ of nearly all ihese insiiiutions, 2021-22 saw the Tnitial gathering of ihat group in person. SMT offered a graTht to facilitate a residential meeting at Roehampton, which was Choired by Tim Macquiban, Chair of the SMT, and cfrconvened by senigT metnbers of the Church's Connexional Team. A feature of Southlands College's 150th anniversary ¢el¢brations was an iAvitatioT] to leaders of Methodist-related HE institutions in the US to participat¢ in a week-lonu prugra]nme of activities in London, culininating in our gala dinner and at]nual conference. SMT supported a visit from 13 representatives of & number of Methodist instithtions in what we hope will Signal the start of more regular visits from within the IAMSCU family, with the goal of fost¢rirtg closer relationships and exploring future collaborativ¢ ventures. uture Plan '. During 2021~22, plans were developed to bring together the major IAMSCU confer¢n¢e with the Methodist Schools Conference in April 2023. The conftrence will be divid¢d into three parts. of which th¢ first will focus on High¢r Education. taking place at Southlands College. The H¢ad of College was therefore appointed on io the global stecring group for the programme and participated in detailed planning around ¢ontent and l()g>i%tlL%. The SMT has Committed staffing time and financial resources both to facilitate this aspect of the eventand also to offer a¢¢ess grants for students and preSentativeS of ingtitutions from1¢55 privileged parts of the world, aiming to ensure that financial disadvantsge is not a block to pafficipation. As part of the college's 150th anniversary ¢elebrntion& the Southland5 Methodist Trnst re-committed to supporting the 8u%anna Wesley Visiting Fellowship. which we hop¢ will enable the appoinbnent of a visiting s¢holar in the coming a¢ademic year. Southlands MethodistTrust. Trustees, Report and Finandal Statements for the Year Ended 31 AuBust 2022
SOUTHLANDS METHODIST TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2022 Southlands 150 Southlands College Celebrated lis 150 anniversary during 2022 with a series of events througlhiutthe landmrt year, involving its key partners and associates. The programme was d¢sign¢d to rdise the profile of the coll¢g¢ and its Methodist heritag¢, to reaffirni IÉS values as a place dediced to inclusive and forward-thinking education, to launch an ambitiou$ Transforniation Fund, and to ¢ement its many national and international relationship5 in academi4 in Methodism, and in political and civic life. SMT provided fi]nding and staff time to supportthis progr8mme of activity. FINANCIAL REVIEW At the start of the year the net assets of the Trust amounted to £10.4m of which £800,000 was an expendable endowment and the remaining £9.6Tn r¢pre&enl¢d gener funds. Income is derived from inier¢st on and dividends from the invested assets and leiLse income frorn the investment property. The Trust do¢s not undertake publi ndraising activities. Expenditure during the year totalled £861k, which was expended on activities within the eharitable obJts of the Fund, Tll951 of which was spent on events and resear¢h carried out und¢r th¢ SU&na Wesley Foundation bann¢r. £10.6k was spent on governancc. Net assets at the end of the year totalled £12.2m. More details of the financial position of the charity are set out in the Statement of Fin4mcial Activities, together with the Balance Sheet and Notes to the Financial Statements. The Mount Clare Estate has suffered no material declinc or change to th¢ Lease and the recent valuation in August 2022, with a view to selling the propcrty, V21ued it at £1 0.7m. The advice from the surveyors 15 that valuations are currently being reported on the basis of 'material valuation unrÉrtainty' as per VPS 3 alld VPOA 10 of the RICS Red Book Global. Consequently, less Certainty, and a higher degree of caution, Should be attached to the valuation than would nonnally be the case. RESERVES POLICY In accordance with th¢ Trusi tked, the Tntstees hold, as an expendable endowment, £800,000. The Trust's reserves (after allowing for amounts tied up in fixed assels and investment property) amountg to £1.12m. The ttes, genernl policy on reserves isthat, unles5 there 15 al] exceptiona] reason to seek permission to utilise the expendable endowment, they will maintain it retain other reserv¢s or buÉld them further to a level that will generate sutTicient income to achieve the aims of the charity. The Trustees aTin to retain around l year of Operating and Capitsl Costs as cash reserves. being approxirnately £850k, which 15 substsntially higher than the ¢ash reserves held &$ at year end, but the remaining free re5eTves are easily accessible. For the year ended 31 August 2022, oper&ing costs were £861k {including £268k of grant liabilities). The foreeast for 2022-23 financial y&v i% £769k for operIng costs and £84k capital expenditure. Future years, opernting costs will be iTh the region of £500k- £600k. 779/D of the incom¢1£400kl for lh¢ TNst is derived froTn the Mount Clare lee. Theremaining 230/• {£117kl is derived from Dividends and Interest on inv¢stm¢nt ndS and cash assets, and dO[tiOnS, in line with forecasts. The above policy will inevitably require amendment once the plans, and their executioty have been agreed with regards lo th¢ Mount Clare Estate. The trustees are therefore satisfied that th¢ rescrves of the charity are at a satisfactory leyel. INVESTMENT POLICY AI¥D PERFORMANCE The ¢harity's policy is to invest surplus funds in an invegtment fimd managed by Epworth luve5tment Managernfflt Ltd. The trnsttts have monitoredthe perfomianceduring the Ye and axe satisfied with the returns earned and capilalgrowrtb. Southlands Methodist Trust. Trustees. Report and Financial Statements for the Year Ended 31 August 2022
io SOUTHLANDS METHODIST TRUST TRUSTEES. REPORT (conlinued) FOR THE YEAR ENDED 31 AUGUST 2022 KEY MANAGEMENT PERSONNEL The charity's key management personnel con5i5t ofthe Research D]reor and the Chief Executiye. Their pay is agreed annually by th¢ rrustees in line with industry averages. STATEMENT OF TRUSTEE'S RESPONSIBILfriES The trustecs arerwuired by law to prepare financial statements for each financial year which give atsue and fair Yiew of the stste of affairs of the chariry as at thc end of the financial year and of the SUTplus or deficit for that year. In preparing those financial statements the trustees are required to.. s¢lert Suitable accounting policies and then apply them Gonsi5tenily' observe the methods and principles of the Charitie5 SORP- ake judgements and estimat¢5 that are reasonable and prnd¢nt" follow applicable a¢¢ounting standards, and Prepare the financial statements on ihe going concem basis unl¢ss il Is inappropriate to presume that the ¢harity will continue in operntion. The trustees are responsibl¢ for keeping proper ac¢ounting records which disclose with reagonable &curdCy at any time the fm8mci21 position thf the charities and enable them to ensure that the finan¢ial thtements comply with the Charities Act 2011. They are also res)nsIble for safeguarding the assets ofth¢ charitie5 and hence for tskÉng re[ble steps for the prevention and detection of fraud and other irregularities. The ttvste¢8 confimi that the inv¢stments have be acquired ift kccordance with their POWET5 and that the charities can m¢¢1 all their obligations. AUDITORS A resolutM)n Te-appoiniing Haysmacintyre LLP will be proposed at the forthcoming Tn%%tees' rneeting. BY ORDER OF THE BOARD OF TRUSTEES Southlands Methodist Trust. Trustees, Rèport and Financlal Statements for the Year Ended 31 August 2022
li INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF SOUTHLANDS METHODIST TRUST Opinion We have audited the financial statements of Southlands Methodist Trnst forthe yearended 31 August 2022 wbich compTise the Statement of Financial Activities, Balance Sheet and notes to the financial statements. including a 5umn]ary of significant accounting policies. The financial reporting frarnewoTk that has been applied in their preparntion i5 appli¢&bl¢ law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Siundordapplicuble in ihe UK artd Republie oflreland(United Kingdom Generally Accepted Accounting Prn¢ti¢e). In our opinion. the financial stafrments.. give atrue and fair view of ihe state of the charity's affairs as at 31 August2022 and ofthe charity's etIn0veFntnt in funds for the year then ended; have been properly prepared in a¢conlance with United Kingdom Generally Accepted Accounting Pwli¢e' and have been prepar¢d in a¢cordance with the requeMents of the Ch1t]eS Act 2011. Ba$1$ for oplnlon We have b¥tn appoinled as auditor under section 144 of the Charities Act 2011 and report in a£cordanc¢ with th¢ Ad and relevant regulationb made or having effecl thereunder. We conducted our audit in aecordance with Iniernatlonal Standards on Auditing (UK) {ISAs {UK)) and applicable law. Our r¢sponsibilities und¢r th05¢ Standards are further described in the Auditvr's responsibilitie5 for the audit of the financial staternents section of our report. We are independent ofthe charlty in accordance with the ethi1 requirements that are relevant to our audit of the fancial 5taternents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our %)ther ethical responsibilities in accordance with these requirernen We believe that the audit evidence we have obtsti)ed is sufficient and 2pproprtate to provide a basis for our opinion. Conclusions relating to going coneern We have nothiog to rcport in rcspcct of the following matters in r¢lation to whi¢h the ISAS (UK) require us to report to you where.. the ttu8tC¢S' U5¢ of lh¢ going ¢on¢¢m bA&i$ of aeeountillg the preparation of the financia] $tatem¢nts is not appropriate- or the trustees have not disclosed in the financi81 statgments any identified material un¢¢rtainties that may cast significant doubt aboutthe charity's ability to continue to adoptthe going COD¢ern basis of a¢¢ounting foraperiLNJ of at least twelve months from the dale when the financial $tatem¢nts are authorised for is$U¢. Other informatio The trustees are responsibl¢ for the other infortnation. The uiher infomiation comprises the infomation in¢lud¢d in the Trustees, Annual Report. Our opinion on th¢ finiincliil Stalen]lt5. dots T]ot Lover the other infomialiun an¢ ¢xr¢pt Éo the extent otherwise explicitly stated in our rwort, we do not exprrss any foTm ofassurniLe conclusion thereon. In conAedion with our audit of the fu)ancial statements our responsibility is to read the other information amd. in doing so. consider whether the other inforfflation is materially inconsistent with the financial statements or our knowledge obtained in the audit or oth¢rwise 2ppearsto be rnaterially misstated. If we identify su¢h mat¢rial in¢onsisten¢ies or apPentmaterial misStatern¢nts, w¢ are required to deterniine whether there is a materia] misststement in the financial staiements or a material mis51ateinent of the Other infomation. If, based on the work we hav¢ perfornietL we conclude that there is a material mis5tateet of this oihLY information. we are required to reportthat fact. Wc havc nothing to repoft in this regard. Matters on whieh we are required to repnrt hy exception We have nothing to report in respect of the following matters in relation to whi¢h the Ch8riti¢s {Accounts und Reports) Regulations 2008 require us to report lo you if, in our opioion.. adequate atcounting records have not been kept by the ¢harity,' or sufficiejit accounting records have not been kept. or the charity financial statements are not in agreemeni with the COunting record5 and returns" or we have not received all the inforn)ation and explanations we require for our audit. Responsibilities trustees for the financial statements As explained more fully in th¢ trustees, responsibilities staiemen¢ the trnstees are respim5ible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the mistees detern)ine is necessary to enable the preparation of financial stttements that are free from mat¢riai mi5StatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the rharity's ability to rontinue as 8 going concern, dtsclosing, as applicable, matters related to going concern alld usiiig the going ci)ncem basi5 of accounting unless th¢ trustees either intend to liquide the charity or to Ce operalioTrs, orhave no realistic alttrnative but to do 5Q.
12 INDEPENDEwf AUDITOR'S REPORT TO THE TRUSTEES OF SOUTHLANDS METHODJST TRUST (iontlnlled) Auditor's responslbllltl¢s for the audit of the fIalIcial stAtements Our objectives are to obtain reasonable assurdnce about wheiher the financial statements as a whole are free frorn material mtsst2temenL whether du¢ to fraud or error, and to issue an auditor's report that includes our opinion. Re&sonable assurance is a high level of assurance, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material mi5Statement when it ¢X15ts. Misstatements ¢an arise from fraud or error and arc eon$idered material if, individually or in the aggregate, they could re&son2bly be expect&J to influence th¢ e¢onoMic d¢¢isions of usets taken on the basis of these fmancial statements. Irregularitie% including fr4u4 are instsnces of non-Mpli0nce with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in ffspe¢t of irregularities, including fraud. The ¢xt¢nt to which our proceduTes are capable of detecting i¢gu]aritjes. including fraud is detailed below.. Based on our Undending of the charity and the environment in which li operaieg, we identified that the prin¢ipil risks of non-cornpliance with laws and regulations related compliance with Canon law. ¢mployment law and health and fety reglllation$, and we con%idered the extent to which non-¢ompliance mighi have a material effecton the financial stalem•Jts. Wc also considered those laws and regulations that have a direct impact on the preparation of th¢ financial statements such &£ Canon Law, the Charities Act 2011, The Statement of Reeommended Practice for Charities (SORP 2019), FRS102 and payroll tax¢$. We ¢valuat¢d management's incentives and opportunities forfraudulent manipulation ofthefinancial statements (including the risk of override of controls). and deiemined that the principal risks were related to recognition of in¢ome and management bi&q in certain accounting estimate$. Audit procedures perfoTmed by the engagement team included.. Inspecting trnstees. minutes Inspecting cotTespondenc¢ with regulators and tax authorities. Discussions with management including consideration of known or 5USP¢Cted instances of nonrfompliance with laws and regulation and fraud: Evaluating managernent's controls designed to prevent and d¢te¢t irregularities- Identifying and testing joumals, in particular journal entries posted the year-end or those with unusual des¢riptions,' and Challenging assumptions and judgements made by management in iheir eritical accounting estimaies, in¢ludin8 Ihe valuation of the charity's investment property- Because of the inherent limitations of an audiL there is a risk thai we will not d¢tect all itTegulariiies. including those leading to a material misstatement in the financial stakments or nort-compliance with regulation. Thi5 risk increases the more that ¢otnpliance with a law or regulation is removed from the even15 and transactions refl¢ct¢d in the financial statements. we will be less likely lo become aware of instrnces of non-compliance. The risk is also gTea(er regarding i]regularities 0¢¢u]ng due to fraud rdther than error. as fraud involves intentional concealmenL forgery, collusion. omission or MISrepSenfatlQn. A further description of our responsibilities for the audit of the financial statements is14)cated on the FinanGial Retrfyrting Council's wdp5il¢ al.. www. . This description forn15 part of our auditor's report. Use of our report This r¢port is made solely to the rharity's trustees. gs a body. in accordance with section 144 of the Charities Act 2011 and regulation5 made under section 154 of that Act. Our audi¢ work has been undertaken so that we might state to the charity's trns¢e¢s those matters we are required to state to them in an Auditols report and for no other purpose. To the lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charit>. s trustees as a body for our audit wot*. forthis report. or for the opinions we have fomed. ikn-L LV Haysmacintyre LLP Statutory Auditor5 10 Queen Street Place London EC4R IAG Date= 9 August 2023 Haysmacintyre LLP 15 eligible to aet as an auditor in lems of s¢¢tion 1212 of the Companies Aet 2006
13 SOUTHLANDS METHODIST TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EIYDED31 AUGUST2022 UNr¢stricted EndowtNent fuDds fuDds Total fuDd5 2022 Totsl Fund5 2021 Trlotes Income aDd endowments frotN: Donations and legacies Charitable activities Investments 50,550 9,776 458,873 50,550 9,776 456,873 23264 449.fA6 Total incorne 517,199 517,199 472.910 ExpeTrditur¢ on: Raising ndS Charitable activities 6,154 855.163 6,154 855,163 3,688 502,430 Totsl expertditllre 861,317 861,317 506,118 Ntt (expenditureyineome before g#iny &nd losses on investments (344,118) (344,118) {33,208) N¢t gains on investments 9110 2,196,180 2,196,180 358,099 Net (cxpcnditure)I et movcment ID funds 1,852.062 1,852,062 324.891 Reeonelllatlon of funds: Balance brought forward at I September 2021 9,618,432 800,000 10,418,432 10,093,541 BALANCES CARRIED FORWARD AT 31 AUGUST 2022 14 £11,470,494 £800,000 £12270,494 £10,418,432 All funds in both year5 are unrestricted. All transactions are derived fvom contin]ng activities. All recognised g#iDS and logses are included in the Statement of Financial Activities.
14 SOUTHLANDS METHODIST TRUST BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Notes FIXED ASSETS Investrn¢nl propety Other investments Tangible fixed assets 10,700,000 1,859,735 15.420 8,345.000 2,066,011 19.275 10 12,575,155 10.430286 CURRENT ASSETS Debtors Cash at bank and in hand 12 2,953 80,428 2,593 140,611 83.381 143,204 CREDITORS: due withi on¢ year (388,0421 (155.058) NETCURRENT ASSETS {304,661) (11.854) NET ASSETS £12,270,494 £10.418.432 FUNDS AND RESERVES 14 General funds Endowment funds 11.470,494 800,000 9.618.432 800.000 £12,270,494 £10.418.432 Approved by the Trus*es on and signed on their behalf by.. Rev Dr Tim Ma uiban Chair of Trustees RevD anne Cox rliTrg Trustee Date: l August 2023
15 SOUTHLANDS METHODIST TRUST CASH FLOW STATEMEiYr FOR THE YEAR ENDED31 AUGUST 2022 2022 2021 CASH FLOWS FROM OPERATING ACTIVITJES.. Nei cash used in operating activities {see below) {564512) {517240) CASH FLOWS FROM INVESTIf4G ACTIVITIES: Dividends. interest and rent from investments Purchases of invesunents Proceeds from sale of investments 456,873 131,001) 78,457 449,646 (43,000} 158,439 NET CASH PROVIDED BY INVESTING ACTIVITIES 504.329 565,085 CASH FLOWS FROM FINANCING ACTIVITIES Ch2nge in eash and cash equivalents in the year (60,183) 47.845 CASH AND CASH EQUIVALENTS At the beginning of the year 140,611 92,766 Attheend ofthe ye 80,428 1411,611 RECONCILIATIOIY OF NET INCOME TO NET CASH Ir+lFLOWS FROM OPERA TIi%G ACTIVITIES Net income for the reporting peri(Kl las per the statement of finJn¢ial activitÉesl (Gain5) on revaluation of invesirnents Depreciation Dividends, intere51. and rents from inyestments Increase in debtors Inerease l(decrease) in crediiors 1,852.062 12,196,180) 3.855 {456,873} {360) 232,984 324.891 (358,099) 3,855 (449.646) {2,593) {35,648) Net ¢h used in operating activities {564,512} (517240)
16 soirrHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Statement of compliance The financial ststements are p]Epared under the historical cost convention LS modified to include the revtJuation of investments. The fomiat of the financial Statements h&8 been presented to comply with the Charities Act 2011, and The Statement of Recommended Practice for Chariti¢s (SORP 2015) {S¢¢ond Ediiii)n. effective l January 20191. The Charity is a Publi¢ B¢n¢fft Entity as d¢fin¢d by FRSIO2. Basls of Ateounting The financial sratements have b¢en pr¢p0r¢d under the Charities Act 2011 on the hisiorical cost convention las m(Nlified by the valuation of investtnentsl. which is consistent with th¢ prior year. Going concern The Trustees consider that there are no mal¢ridl un¢¢rtainti¢s which would ¢ast doubt on th¢ Charity'8 ability to continue as a going ¢on¢ern. In pani¢ular suffi¢ieni funds exist to allow ihe chdrity to meet its commitments. Slgnlncant Judgments and %our¢es estimation uncertainty During the y¢ar the charity's investment property was revalued in the year at £10.7m and the tru$¢ees have agreed to include this valuation on the basis that it represents th¢ fair value of the property. In the view of the trustees in applying the accounting policies adoptel no (Trther judgements were required that have a significant effect on th¢ amounts recognised in the financial stat¢Tnents nor do any estimates or assuinptions made cany a significant risk of matertal adjusknent in the next financial year. Fund aeeoulltlng Unrestricted funds comprise accumulat¢d surpluses and deficits on general fvnds. They are available for use it the discretion of the trustees in furtherdnce of the general ch8Jitable objectives. Ineome reeognitio All income and ¢ndowments are recognised when the crit¢ria of wtitl¢mEni m¢4sur¢mEnl and probability of receipt have been satigfied. Investment income, including interest receivable, and other miscellaneous income are a¢Goun¢ed for on receivable basi$. Expendlture Expcnditure is rccagni8ed as soon as the related liability ig incurred and has been classified under headig5 that aggregate all costs relating to that catcgory. l.iabilities are recognised ag soon as ihere is a legal or constructive obligl0ft eommitting thc Charity to the expenditure. Employment benefits, including holiday pay, are recognised in the pericNJ in which they are earned. Terniination benefits are reCOlSed in the period in whirh the decision is made and communicated to the relevant employee(s). Expenditure on rnising funds comprises inve5tmentmanager's fees. Expenditure on charitable activittes comprises expenditure dire£tly related to charity's objects. Support costs represent indirect Costs relating to raising funds and the Charity's charitable activiiies. Gov¢rnanr¢ co$ts comprise the costs of rnnning the eharity, auditors, remunerntion, eert2in l¢gal StS and all Costs of complying with constitutional and statutory requirements, such as costs of Board Tneetings and of preparing the statutory accoun
17 SOUTHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIKS {continued) Investments Inve#trtJents are initially recognised at their transaction cost and subsequently valued at faw value at the Balance Shcet datc, unless fair value cannot be measured reliably in which case it is tneasured at CO81 lesg impairnient. Inv¢5tm¢nt gains and losses. whether realised or unrea]ised, are combined and shown in th¢ heading 'Net gainslllosses) on invethents, in th¢ Statement of Financial Activities. Investment property The InvEStm¢nt Property is held at fair value. No depreciation is charged and movements in valuation tsken to the Statement of Financial Activities. The most recenl independent valuation of the freehold investtnent properties was undertAken as at 31 August 2022 by Giles Sutcliffe MRICS on behalf of Cluttons LLP. Ffixed assety ExpenditUT¢ on fix¢d assets is capitalised where the cogt {orthe value if donaled) is in excess of £500. othenvise it is wrtten off through th¢ Statement of Financial Activities. Tangible fixed assets ar¢ deprecialed at rates calculated to write off the cost, 1¢5s estimated residual value of each set evenly over its expectwj life, a$ follows.'- Fixtures and fittings to b¢ written off over seven yeors or to the end of August 2025, whichever i5 the shortest. Fiuan¢lal iN5trnments BasiL fIn4CIal instrUentS transactions that r¢5uIt in the recognition of financial asseis and liabilitie5 like trade attd other accounts Teceivable and payable ar¢ a¢wunt¢d for on the following basis". Cash and cash equivalents Cash and cash equivalents includes Cash in hand. deposits held at banks, (Trth¢r yhort-terni highly liquid investsnent5 with original maturities of three months or legs and bank oyerdrafts. Bank overdrafts, when applicable, are shown within current liabilities. Dehtor% and creditnr. Debtors and creditors are measured at the transaction price less any provision for impaiTTnent. Any losses arising from iTnpainn¢nt are recognised a5 ¢xpenditure. Funds Oen¢ral funds ¢ornprise the a¢¢urnulated surplus or Ileficii from the Ststement of Financial Activities which is not r¢stri¢ted nor designad funds. They are available for use ai the discretion of the Tn]stees in furtherance of the g¢n¢ral obj¢Gtives of ihe ¢haTity. Designated ndS comprise fijnds that have been 8et aside at the di$¢retion of the Trnstees for speeific plltposes. The puryose and use of the d¢si¥n4t¢d unr¢strirt¢d fvnds are set out in the notes to the accounts. Restricted income ndS comprise unexpended balances of donations and grts held in tn]5t to be applied for specific purposes. Endowment funds ¢¢)rnprise trnst funds which are subject to specific trusts d¢claTd by th¢ donors or with their authoriry. The income arising from the investments is applied only in accordan¢¢ with ih¢ wnditions imposed by th¢ donors {wh¢Te specified) or for the general purposes of the Charity. The Trnstees have power of discretion to convcrt the cxpcndablc cndowlncnt nd inta incnme. It is however their policy io retaln the capital of this fund to gcnerydte incomc. Fncorneuri5ingon this fund can be used in accordance with the objects ofthe TFUStand included in unr¢$tri¢Écd income. Pensio$ The charity's litibility ig lim1d to the annual contributions payable. All contributions are charged to th¢ S&ement of Financial Activities im the year in which they accnie.
SOUTHLANDS METHODIST TRUST NOTES TO THE FJNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INVESTMENT INCOME 21122 21121 Rental income from Mount Clare Interesi on cash deposits Dividends on investsnents 400,000 181 56,692 400,000 154 49,492 £456,873 £449,646 RAISING FUNDS 2022 2021 Inv¢slrnent management fees £6,154 £3,688 CHARITABLE ACTJVITIES 2022 2021 Support of &ssistant chaplain Support of music provisionlstudent awards Archive development Head of College and Chaplain's Funits Southlands Ventur¢ Southlands Fund SWF res¢ar¢h ¢entre Small grdnts MAST grant Southlands Coll¢ge Assisthnt Head of College Southlands Coll¢g¢ 150 anniversary Methodism'5 Univ¢Tsity College Conf¢r¢nces and events IAMSCU MethEd Net Faith Long-lived Mount Clare Development planning Mount Clar Tevnple restoration Support Gosts Govemance cosls (not¢ 5) 55,993 450 8.798 2.279 2.100 383 242,987 35.2M 234,084 60,000 26.684 43.778 1,467 28,745 75 7,476 2,527 206,656 23,136 86,000 50,000 39,836 244 30,0(K) 27,729 5,764 65.672 10.648 1,429 45.988 10,307 £855.163 £502,430 GOVERNANCE COSTS No tnjstees received remuncralion for their seryices during the year {2021.. £nil). Reimbursed travel expeh5¢s of £1.995 w¢r¢ paid to 3 tsusrees during the year (2021.. travel expenses of £202 were paid to 3 tswtees).
19 SOUTHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 21122 ANALYSIS OF TOTAL EXPENDITURE- 2022 Direct eosts Grants Other eosts Totgl Raising funds Charitable activities Support costs Governance 6.154 14.009 6,154 778,843 65,672 10,648 283,002 65,672 10,648 481.832 £359.322 £481,832 £20,163 £861,317 Grants totalling £206,097 were paid to Roehajnpton Universiry to giIpport stsdenls. (hher are paid to institutions in line with the charity's objects SUprt costs have been allo¢at¢d to direct costs. ANALYSIS OF TOTAL EXPENDITURE-2021 Direct Costs (including staff osts) Grnnts Other eosts Total Raising funds Charitable activities Support costs Governance 3.688 10.531 3,688 446,135 45,988 10,307 215,806 45,988 10,307 219.798 £272.101 £219,798 £14.219 £506,118 STAFF COSTS 2022 2021 Salaries Employer's Nl P¢nsion costs 168,610 16.038 10,833 166,174 4,447 9.922 £195,481 £180,543 The number of employees during the year wa5 6 (4.5 full time equivalent employees) (2021 4.5) wtih all employee time involved in charitable aetlVilie5 or providing support 5ervi¢e5 to charitable activities. One employee had emoluments between £60,000 - £70,00012021- 0¢1. The charity's key management personnel consist of the Research Director and the Chief Executive. Paynents lo them amounted to £86,698 12021 £82,337). The nSIon scherne is a defined contribution scheme and has no other commitments OT obligations beyond the contribution5 paid. NET MOVEMENT IN FUP4DS 2022 2112l Thi5 is stated after Gharging- Auditor'5 remuneratio £7,000 £6,500
20 SOUTHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INVESTMENT PROPERTY Freehold and buildlngs Valll#ilon: At I September 2021 Gain on revaluation ,345,000 2.355,000 At 31 August 2022 £10,700.000 Net book vallle: At 31 Augusi 2022 £10,7(M),OCKI At 31 Augusi 2021 £8,345.000 Th¢ property transferred into Southlands Methodist Trust on 31 July 2010 and was reclassified as an inv¢strnent property during that year and therefore transferred out of tlthgible fixed assets and recognised wtthin investments. The property Yalued at 31 August 2022 by an independent valuer at £10.7 million based on a redevelopment of th¢ site which the charity is wmrnirned to. The Trustees believe this valuation represents the fair value of the property, taking into a¢¢ouTJt its fimire plans. 10. OTHER INVESTMENTS 2022 21121 At I Septernber 2021 Investsnenl additions Investment disposa15 Investm¢nt Ilossesygains 2.066.011 31.001 (78.4571 1158,8201 1.823,351 43,000 (158,4391 358,099 Markei value at 31 August 2022 £1.859,735 £2.066.011 Equity Fund CorpoTate Bond Fund Property Fund 1,378,360 180.802 300.567 1,555,759 202,085 308,167 £1.859,735 £2,066.01] 11. TANGIBLE VIXED ASSETS Fixtures and rittings Cost At I Seplember 2021 Additions 26,985 At 31 August 2022 26,985 Depre¢iatio At I September 2021 Charge in year 7.710 3,855 11.565 Net book value: At 31 August 2022 £15,420 At 31 August 2021 £19,275
21 SOUTHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. DEBTORS 21122 2021 AccNed income Prepayments 2.443 150 2,953 £2,953 £2,593 13. CREDITORS due Trvithln tsn¢ year 2022 2021 Def¢ed in¢om¢° Accrued exp¢ns¢S Tax and social security PeT]sion payable Other crEditors Grants payable 66,667 34,783 4,769 1,636 3,494 268,290 66,667 15,715 2,661 1,444 8,185 60,386 £379,639 £155,058 'Deferred income is the same valu¢ at the b¢ginning and end of the year. It represenis renis re¢eived in advanc¢. 14. STATEMENf OF FUNDS- 2022 BilyNce at I Septeber 2021 Bulan¢e at 31 August 2022 Investment GaiTrslOosses) Ineome Expenditure Endowment fund$'. SouthlaDds Coll¢ge Fund 800,000 800.000 Total Endowment funds 800,000 800,000 General reserves 9,618,432 517,199 (861.317) 2,196,180 11,470.494 £10,418,432 £517,199 £(861,317) £2,196,180 £12,270,494 STATEMENT OF VUNDS- 2021 B4lant¢ t I S¢ptember 2020 Balonee at 31 August 2021 Investment Gal(1059¢5) Income Eypendlture Endowm¢Tkt funds.. Fixed Isouthlands Icullcgel fund 800,000 800,000 Total EndoThent funds 800,000 800.000 Genertl reserves 9,293,541 472.910 (506.118) 358,099 9.618.432 £10.093,451 £472,910 £(506.118) £358.099 £10.418.432
22 SOUTHLANDS METHODIST TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUCUST 2022 STATEMENT OF FUNDS (coNlinueil) Endowment funds represent the Capital value of donations received from the Southlands College Trugt governed by trust deed dated 5 October 2000. The trust fund is an expendable endowment wh¢r¢ th¢ ¢apit21 ¢an only be spent on the express permission of the Methodist Council. Accnjed inter¢si in¢om¢ gtherdted from the fund since 2010 has now been credited to the restricted fid in accordance with (he tt deed. ANALYSIS OF NET ASSETS BETWEEN FUNDS Endowment Funds G¢ner41 Totsl 2022 Fund balances at 31 Augu8t 2022 thre repr¢5ellted by: Fixed assets Current assets cUnt liabAlitie5 800,000 11,775,155 83,381 (388,0421 12.575,155 83.381 (388,042) Net Sets £800,000 £11,470.494 £12,270,494 Endowment funds represent thc capital value of donations received from the Southiand5 College'frnst governed by ttust deed dat¢d 5 O¢tobcr 2000. The trust fund is an expendable endowment where the capital can only be spent on the express permission of the Methodist Council. ANALYSISOF NET ASSETS BETWEEf4 FUNDS Endowment Funds Gtneral Funds Total 2021 Fund bAlances at 31 August 21121 are represented by: Fixed a55ets Current assets CuTTent liabilities 800,000 9,630,286 143,205 (155,0581 10.430,286 143,205 {155,058) Net ass¢ts £800.000 £9,618,433 £10,418,433 16. TAXATION The Souihlonds Methi)dist Trust is a registered ¢harity and therefore is not liable to income t&x or corpgfdtion tax on income orgains derived from its charitable a¢¢ivities, as fall within the exemptions availabl¢ to registered charities. 17. RELATED PARTIES There were no relad paty trdnsa¢tions in the year or previous year to be disc105ed. The Methodist Council h&$ the ability to apwin¢ the truSe$ of the charity and are therefore c(nsidered to be the uttirllate controlling paty of ihe charity.